NJ S723

Prohibits auto insurers from using credit history, education level, or occupation to determine insurance rates, while requiring driving record characteristics to be factored into underwriting rules.

Requires insurers to provide each policyholder a detailed explanation of how their premium was calculated, including whether non-driving factors were used, and make this information available on their website.

Mandates premium rate reductions for drivers who demonstrate safe driving behavior, with insurers permitted to require telematics systems to verify eligibility for the discount.

Requires the Department of Banking and Insurance and Office of Insurance Fraud Prosecutor to issue a joint report on insurance fraud detection within 18 months of enactment, and every three years thereafter.

Takes effect 90 days after enactment and applies to policies issued, delivered, or renewed after that date.